The Magnum Ice Cream Company: Second Scoop: Execution Builds Confidence

Research evidence excerpt

M

Update

August 5, 2026 03:45 AM GMT

The Magnum Ice Cream Company | Europe

Morgan Stanley & Co. International plc+

David J Roux

Equity Analyst

Second Scoop: Execution Builds

Confidence

Sarah Simon

Equity Analyst

Chris Linford, CFA

Research Associate

What’s Changed

The Magnum Ice Cream Company (MICCT.AS)

From

To

Price Target

€15.60

€17.50

Equity Analyst

Richard Li

The Magnum Ice Cream Company (MICCT.L)

Price Target

Tilly Eno

1,350p

1,500p

US$17.80

US$20.20

Research Associate

The Magnum Ice Cream Company (MICC.N)

Price Target

The Magnum Ice Cream Company (MICC.N, MICC US)

Food Producers | Netherlands

We raise EPS by ~5% and lift our PT to €17.5. We now see FY26

margin delivery ahead of guidance, with improving execution

supporting a narrowing of MICC’s sector discount. We also share

key feedback from US investor meetings this week with the

CEO.

Stock Rating

Industry View

Price target

Shr price, close (Aug 3, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Overweight

In-Line

US$20.20

US$18.37

US$19.92-12.94

€9,836

€3,136

€12,819

* = GAAP or approximated based on GAAP

Raising EPS by ~5%, PT to €17.5. We update our estimates following 1H26 results

and refresh our thoughts on The Magnum Ice Cream Company (MICC) shares. Our

EPS upgrades are driven primarily by our higher top-line growth and margin

assumptions. Our PT increases to €17.5/$20.2/1,500p from €15.6/$17.8/1,350p,

reflecting our higher earnings and an increase in our applied P/E multiple to 15.3x

from 13.2x in the peer-based component of our valuation methodology. This is

driven by a sector re-rating and a lower assumed discount for MICC given improving

execution. Our bull and bear cases are updated accordingly.

While favourable weather supported performance during the quarter, a

successive quarterly beat and strong underlying margin progression should

support investor confidence in MICC's ability to capture its medium-term

opportunities and deliver against its targets. In our view, this should help narrow

MICC's 8% valuation discount to the sector. While our 2026E EPS is only 1%

ahead of consensus, the comparison is partly dampened by our FX assumptions.

…